First Quantum preparing for post-election talks in Panama

TORONTO — First Quantum chief executive Tristan Pascall says the company is focused on listening, while also moving forward with arbitration, as election day approaches in Panama.

He declined on an earnings call to speculate on the outcome of the May 5 vote, saying the company is prepared to work with whichever party is elected on moving toward a solution for the Cobre Panama mine.

The Toronto-headquartered mining company suspended production at the open-pit copper mine in Panama in November following widespread protests and a court ruling that found the agreement covering the mine was unconstitutional.

Pascall says that while a faster the mine restart would make it easier to carry out, the company isn't planning on a quick resolution of the issue.

He says the company plans to keep listening on issues of sovereignty and approaching conversations with humility.

The company reported a US$159 million loss after markets Tuesday, while last quarter it reported a $1.04-billion loss related to the mine shutdown.

This report by The Canadian Press was first published April 24, 2024.

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The Canadian Press